Needham & Company maintains a Buy rating on Synopsys (NASDAQ: SNPS), and raised the price target to $53.00 (from $50.00), following the 2Q results. SNPS reported revenue of $557MM and $0.68 EPS, compared to consensus of $$547MM and $0.63.

Needham & Company analyst Richard Valera commented on SNPS, saying, "SNPS delivered solid top and bottom line results for 2QF15. The company tweaked up its F2015 guidance (admittedly, only by a very slight amount) for the 2nd Q in a row -- solidly reversing the series of downward tweaks last year -- and expressed confidence in its outlook for the remainder of F2015. Notwithstanding recent competitive/share chatter, we believe SNPS' multi-year ICC II upgrade cycle remains on track, and we also expect to see solid growth from its IP and Coverity businesses. As such, we'd be buyers on any "sell the news" weakness, and we raise our PT to $53 (was $50), or ~16-17x our cash-adjusted F16E NG EPS.

Valera also added, "The low end of the F15 revenue guidance range was raised: now $2.210B-2.235B (midpoint $2.223B) vs. prior $2.195-2.235B ($2.215B midpoint). NG EPS guidance was bumped up by $0.01: now $2.76-2.81 vs. $2.75-2.80 prior. 3QF15 guidance of $550-560MM and $0.58-0.60 NG EPS was shy of prior consensus of $558MM and $0.66 at the midpoints."

For an analyst ratings summary and ratings history on Synopsys click here. For more ratings news on Synopsys click here.

Shares of Synopsys closed at $49.24 yesterday.